China's State-Driven Stocks, And Its Corporate Wars Abroad

On the surface, a stock market boom in China has little in common with a food delivery turf war in São Paulo. Yet, the state-driven frenzy lifting Chinese stocks and the bare-knuckle brawl between Meituan (3690.HK) and DiDi both spring from the same source: a unique domestic ecosystem whose characteristics the world is only now beginning to fully comprehend.The numbers behind China’s stock rally are indeed remarkable. Over the last 52 weeks, the benchmark Hang Seng Index has soared by 40%, with the Shanghai ...